[Asia Economy Reporter Yoojin Cho] Bloomberg reported on the 29th (local time) that Kakao founder Kim Beom-su surpassed Samsung Electronics Vice Chairman Lee Jae-yong to become the richest person in South Korea.
According to Bloomberg's billionaire index on the day, Kim holds a net worth of $13.5 billion (approximately 15.4926 trillion KRW), overtaking Lee, who has $12.3 billion (approximately 14.1179 trillion KRW), to rank first domestically.
Kim has increased his wealth by more than $6 billion just this year, fueled by Kakao's soaring stock price. Kakao's stock price has surged about 91% since the beginning of the year.
The report highlighted that this is a case where a self-made entrepreneur based on technology has surpassed the chaebol heads who have dominated the Korean economy for decades in the wealth rankings.
Kim is known as a 'dirt spoon' from a poor family, where eight families lived in a single-room apartment during his childhood.
He graduated from Seoul National University with a degree in Industrial Engineering, founded 'iWilab,' the predecessor of Kakao, in 2006, and launched the mobile messenger KakaoTalk four years later.
Kakao has expanded its business areas beyond mobile messaging to payments, finance, gaming, and ride-hailing, and its business has rapidly grown as demand for non-face-to-face services exploded amid the COVID-19 pandemic last year and this year.
The report also analyzed that the significant increase in Kim's wealth reflects investors' expectations for the initial public offerings (IPOs) of Kakao's subsidiaries.
Meanwhile, in March, Kim joined 'The Giving Pledge,' a voluntary donation campaign started by Warren Buffett, chairman of Berkshire Hathaway, and Bill and Melinda Gates, founders of Microsoft (MS), pledging to donate a substantial portion of his wealth to solve social issues.
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